February 18, 2024
Stock Market 09-02-2024 Live Updates
Finance Stock Markets

Stock Market 09-02-2024 Live Updates

Stock Market 09-02-2024 Live Updates/PTI

Stock Market 09-02-2024 Live Updates

The Indian stock market faced significant declines today, influenced by the RBI’s decision to maintain rates at 6.5%. Sensex closed 1% lower at 71,428.43, while Nifty ended down 0.97% at 21,717.95. Nifty FMCG and Private Bank sectors were major losers, while PSU Bank showed a 2% gain.

European shares opened flat, with mixed performances in individual stocks. China’s markets saw a rebound, with the CSI300 and Shanghai Index recording significant weekly gains. Hong Kong’s Hang Seng Index, however, declined due to Alibaba Group Holding missing revenue estimates.

The appointment of a new securities watchdog head in China, Wu Qing, signals potential changes in regulatory approach, contributing to market dynamics.

The Asian stock markets faced challenges as many markets in the region shut down for public holidays.

Futures for Hong Kong’s Hang Seng Index signaled a third daily decline, reflecting the index’s volatile trading amid China’s efforts to stabilize its equity market.

The Golden Dragon index of US-listed Chinese companies fell 1.1% in New York. The S&P 500 closed just below 5,000 index points, setting a fresh high.

Australian equities and Japanese stocks showed little change, while the yen’s weakness offered some support. The US dollar index rose 0.2%, and Treasuries remained little changed in Asian trading.

09 Feb 2024, 11:33:15 AM IST

Bombay Dyeing and Manufacturing, despite returning to profit in Q3FY24 with a consolidated profit of ₹30.54 billion, witnessed a nearly 6% decline in its stock price. The company reported reduced total expenses by 39.4%, primarily due to a significant fall in inventories of finished goods, and a 4.3% drop in input costs. However, its primary revenue-generating segment, polyester, saw an 11% decline, leading to a 43.4% reduction in revenue from operations, which accounts for about 95% of its revenue. The market response to these results contributed to the decline in Bombay Dyeing’s stock price.

09 Feb 2024, 11:17:15 AM IST

Motilal Oswal provides an update from the Analyst Day of Aditya Birla Capital, emphasizing the strong digital capabilities that are laying the foundation for future growth. ABCL has showcased adept capabilities in sourcing, underwriting, and collections within its lending businesses, positioning itself for higher cross-sell opportunities.

The company is committed to simplifying customers’ financial needs, fostering a data-centric organizational culture, scaling up digital platforms, and expanding omni-channel distribution. Key initiatives include leveraging its omni-channel architecture, extensive use of data and analytics powered by Google Cloud, and launching a comprehensive D2C app with industry-first features. ABCL’s payments offering aims to make it a ‘full stack’ financial services provider.

The company is well-equipped with support from technology, analytics, and the D2C app to execute its diverse portfolio strategy effectively. Motilal Oswal retains a ‘BUY’ rating based on these positive developments.

11:00AM

Indian benchmark indices continue to decline with Sensex down 0.09% and Nifty down 0.25% at 11 am. Additionally, Ramco Cements shares slumped over 8% due to weaker demand and pricing in south India, missing Q3 profit estimates.

10:26AM

JK Lakshmi Cement shares surged 9% to an all-time high of ₹999.90 apiece after the company reported a robust performance in Q3 FY24. The company’s net profit rose by 68.50% to ₹124 crore compared to ₹73.59 crore in the same period last year. Total revenue for the quarter increased by 7% to ₹1,589 crore. JK Lakshmi Cement achieved a capacity utilization of 79% and a Clinker capacity utilization of 105% in Q3 FY24. Notably, its power and fuel costs decreased by 25% YoY to ₹327 crore from ₹434.4 crore in Q3 FY23.

09 Feb 2024, 10:23:12 AM IST

Zomato shares rose following strong Q3 FY24 results. The online food delivery platform reported a consolidated net profit of ₹138 crore, compared to a net loss of ₹347 crore in the same period the previous year. Zomato’s revenue from operations for the quarter increased by 69% to ₹3,288 crore from ₹1,948 crore in the year-ago period. Total expenses were higher at ₹3,383 crore, compared to ₹2,485 crore in the corresponding period a year ago. The company noted that revenue from its mainstay food delivery business grew by 48% for the quarter, while revenue from its quick commerce division more than doubled. Zomato’s contribution margin expanded to 7.1% in Q3FY24 from 6.6% in Q2FY24.

10:00AM

As of 10 am, the Sensex is down 54.32 points, or 0.08%, at 71,374.11, and the Nifty is down 54.55 points, or 0.25%, at 21,663.40. The Indian benchmark indices are continuing their downward trend following Thursday’s negative performance.

09 Feb 2024, 09:52:51 AM IST

As of 9:52:51 AM IST, Grasim Industries shares are down after the company reported a nearly 40% decline in its consolidated net profit for Q3FY24 at ₹1,514.44 crore, compared to ₹2,515.78 crore a year ago. The decline is attributed to the acquisition of a 9.99% stake by ADIA entities in Aditya Birla Health Insurance. The consolidated operating revenue rose 11.61% to ₹31,965.48 crore in Q3FY24. The company’s performance was influenced by key subsidiaries UltraTech Cement and Aditya Birla Capital. On a standalone basis, Grasim Industries reported an 8.17% decline in net profit and a 3% increase in revenue from operations.

09 Feb 2024, 09:42:40 AM IST

Life Insurance Corporation of India (LIC) shares rose following strong Q3 FY24 results. The company reported a 49% year-on-year increase in net profit during the December quarter, reaching ₹9,444.4 crore compared to ₹6,334.2 crore in the same period the previous year. The growth was primarily driven by increased net income from investments and growth in net premium income. LIC’s net premium income grew by 4.6% to ₹1.17 trillion compared to ₹1.11 trillion in Q3 FY23. The board proposed an interim dividend of ₹4 per share for FY24, with the record date set for 21 February 2024. LIC’s net income from investments during the December quarter rose by 12% year-on-year to ₹95,266.8 crore from ₹84,869 crore in Q3 FY2023, while management expenses increased by 32% year-on-year to ₹18,193.8 crore.

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